Conditions of insurance may be of international standards (R12, IYC, Etc.) defining the basic standard of guarantees with the addition of special conditions specific to the insurance company.
It is also possible that the insurer has its own clauses negotiated directly with the insurance company.

Therefore, within the same insurance company, there are several yacht insurance contracts which may be proposed by marine insurance brokers.

Broker, Agent have agreements to sell the products of one or several insurance companies.
They are paid differently depending on the insurance company, the type of insurance and the business volume generated among the companies.

The broker drafts his offer according to the characteristics of the vessel defined by:

– The brand
– The Market Value
– Its use (private / charter)
– The Flag
– The size
– The areas of navigation
– The history
– Etc.

The modification of one of its vectors modifies risk assessment by the insurer and the insurance company. It is therefore important to compare all types of insurance offered by different brokers and underwriters to optimise the guarantees and premiums.

Some conditions are basic to all forms of insurance such as

– Losses and damage
– Engine failure
– Costs of recovery, search at sea, bail-outs, towing and destruction of the wreck
– Legal protection
– Cost of assistance and rescue
– Total / partial theft
– Damage and theft to personal goods and effects
–Loss of charter hire
– ….

 

Special conditions may be added and negotiated according to the company and the insurer
These guarantees can be limited by deductibles which are relatively significant in the marine sector.